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Estimated Tax Payments: The Deadline for the First 2021 Installment is Coming Up
April 15 is not only the deadline for filing your 2020 tax return, it’s also the deadline for the first quarterly estimated tax payment for 2021, if you’re required to make one. You may have to make estimated tax payments if you receive interest, dividends, alimony, self-employment income, capital gains, prize money or other income.…
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Should Your Business Add Roth Contributions to its 401(k)?
If your business sponsors a 401(k) plan, you might someday consider adding designated Roth contributions. Here are some factors to explore when deciding whether such a feature would make sense for your company and its employees. Key differences Roth contributions differ from other elective deferrals in two key tax respects. First, they’re irrevocably designated to…
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PPP Adjusted to Prioritize Very Small Businesses
When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15 billion…
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Reporting Restricted Cash
Your company’s financial statements should be transparent about any restrictions on cash. Are your reporting practices in compliance with the current accounting guidance? The basics Restricted cash is a separate category of “cash and cash equivalents” that isn’t available for general business operations or investments. There are many types of restricted cash. For example, companies…
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Analytical Procedures Can Help Make Your Audit More Efficient
The use of audit analytics can help during the planning and review stages of the audit. But analytics can have an even bigger impact when these procedures are used to supplement substantive testing during fieldwork. Definition of “analytics” Auditors use analytical procedures to evaluate financial information by assessing relationships among financial and nonfinancial data. Examples…
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How to Compute Your Company’s Breakeven Point
Breakeven analysis can be useful when investing in new equipment, launching a new product or analyzing the effects of a cost reduction plan. During the COVID-19 pandemic, however, many struggling companies are using it to evaluate how much longer they can afford to keep their doors open. Fixed vs. variable costs Breakeven can be explained…
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Rich Waigand Named One of Most Admired Business Leaders in STL!
Congratulations to one of our very own – Rich Waigand. He was recently featured in this month’s issue of Small Business Monthly as one of their Most Admired Business Leaders. Check out the article below and thanks to Rich for always being a leader at SFW Partners, LLC as well as in the St. Louis…
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Should You Add a Technology Executive to Your Staff?
The COVID-19 pandemic and resulting economic impact have hurt many companies, especially small businesses. However, for others, the jarring challenges this year have created opportunities and accelerated changes that were probably going to occur all along. One particular area of speedy transformation is technology. It’s never been more important for businesses to wield their internal…
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Rightsizing Your Sales Force
With a difficult year almost over, and another one on the horizon, now may be a good time to assess the size of your sales force. Maybe the economic changes triggered by the COVID-19 pandemic led you to downsize earlier in the year. Or perhaps you’ve added to your sales team to seize opportunities. In…
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Using Footnotes to Disclose Your Nonprofit’s Financial Information
Does anyone actually read footnotes? If they’re financial statement footnotes, the answer is usually “yes.” Footnotes can provide donors, governmental supporters and other stakeholders with critical information about your not-for-profit. So it’s important to work with your CPA to make sure your footnotes are accurate and thorough. Operations and accounting policy snapshot One important set…
